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Informist, Thursday, Jul. 2, 2026

MUMBAI – The iCOMDEX Composite index of the Multi Commodity Exchange of India moved in a limited range early on Thursday, as most commodities covered by the index were pointing towards market uncertainties. At 0934 IST, the Composite index was up 0.03% at 22500.45 points from 22494.22 points at the previous close. It had opened for the day at 22493.27 points.

Among the components of the Composite index, bullion was up 0.09%, with gold down 0.09% and silver up 0.69%. Amid a volatile market, gold prices declined due to persistent concerns about higher US interest rates. Kevin Warsh, who recently took over as US Fed chair, signalled on Wednesday that the central bank would firmly follow its 2% inflation target, pointing to a hawkish stance. Markets are now pricing in at least one rate hike by the Fed in 2026, amid increasing anxiety over sticky inflation in the US.

The energy index of MCX's iCOMDEX fell 0.88%, with crude oil down 0.89% and natural gas down 0.72%. Crude oil prices declined on increased traffic through the Strait of Hormuz, even as a formal peace deal between the US and Iran remained a distant possibility. More ships have passed through the Strait of Hormuz in the last few days, with oil flows crossing 10 million barrels per day.

The base metal index registered a fall of 0.10%. Aluminium, lead, and zinc declined, while copper saw a small rise in prices. The base metals market is awaiting updates on the US decision on tariff on copper, even as the deadline of Jun. 30 did not see any move in that direction. Nevertheless, the market did witness some short-covering. Besides, supply concerns were reinforced after Chile's copper production declined 12.9% year-on-year in May to 423,623 tonnes, while inventories with the London Metal Exchange and the Shanghai Futures Exchange continued to fall, reflecting improving physical demand.

The MCX iCOMDEX comprises a series of real-time commodity futures price indices and tracks the performance of a basket of commodity futures. It serves as a benchmark for market movements in bullion, base metals, and energy.  End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Abhijit Doshi

Edited by Avishek Dutta

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